Twitter Crypto Scammers Now Heading To Threads

Meta chief Mark Zuckerberg last week linked Instagram to a new Twitter-like platform called Threads. Within five days of its launch, Threads is already becoming a hotspot for crypto scammers. Members of the global web3 and crypto communities are posting alerts on various social networking platforms, warning victims against falling prey to the financial risks being posed by these scammers. Verified Crypto profiles active on Twitter are reportedly being impersonated on threads, increasing participation from potential victims.

Wombex Finance, a DeFi platform, recently announced to its 78,600 Twitter followers that it is being copied on the Threads platform. While details on who is running this fake account for Wombex on Threads are unknown, the firm believes it could be a dangerous scammer.

“Please note that Wombex Finance does not have an account on the Threads platform,” the firm tweeted over the weekend, sharing a screenshot of its fake Threads profile.

Crypto scammers have been known to go fishing for victims on popular social networking apps such as Twitter, Instagram, Telegram, and LinkedIn.

Last year, the FBI issued a formal warning to job seekers using LinkedIn against conversing with strangers, especially on the topics of finance and crypto. The FBIs alert was triggered by reports that claimed LinkedIn users collectively lost between $200,000 (roughly Rs. 1.5 crores) and $1.6 million (roughly Rs. 12 crores) to crypto scams by June last year. happened.

Now, with Zuckerberg endorsing the Threads platform on Instagrams huge global userbase of 2.35 billion monthly active users, it is conceivable that crypto scammers would look to increase their presence on this new platform.

A popular name in the NFT community, Leonidas, who goes by the @LeonidasNFT username on Twitter, also shared with his 93,000 followers that he is among several big names in the community being impersonated on the threads. .

Another Prosperous NFT community member, who goes by the Twitter username of @mahakigbrother, suffered a similar fate online, with his fake profile spotted on threads over the weekend.

In the wake of these fake Web3 accounts being identified on the threads, community members have warned others against fully verifying someones identity before connecting with them on the new platform.

People can be at risk of losing their crypto holdings by interacting with suspicious links that promise crypto airdrops or gifts.

According to Web3 security firm Beosin, the total loss from hacks, phishing scams and rug pulling in Web3 has already reached $655.61 million (roughly Rs. 5,420 crores) in the first half of 2023.

Phishing scams, which target victims by sending e-mails or messages purporting to be from authorized sources, are the most common form of crypto scam.

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